On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This bill brings $2.2 trillion dollars to provide much-needed support for American families, workers, businesses, and nonprofits.
This is good news for all of us as we face new challenges together. Thanks to the stimulus bill, making charitable donations is more impactful than ever before. When you make a gift to the Discovery Center of Idaho, you are investing in the next generation and inspiring lifelong learning and interest in STEM. And, now you can receive additional tax benefits, too!
Here’s what we know:
- Everyone will be able to deduct charitable contributions up to $300 in 2020. Through this year, donors will be able to deduct up to $300, regardless of whether or not you itemize deductions. This “above the line” deduction can be used for gifts of cash only (not stock). So, there’s more reason than ever before to give what you can.
- Donors who are able to make larger gifts will be able to deduct a much higher amount. For itemizers, the limits on the deductibility of charitable contributions are suspended this year. (Previously, individuals could deduct up to 60% of their adjusted gross income for cash donations. Now they can deduct up to 100%.) This new allowance only applies to gifts of cash (not gifts of stock or gifts made through donor-advised funds).
- Corporations can benefit from charitable giving, too. The limit of deductible charitable contributions has been increased from 10% to 25% of taxable income.
We are incredibly grateful to our community: our members, partners, volunteers, and donors like you for standing by us over the years and for your continued support during this unprecedented time.
We are all in this together, and we will all get through it- stronger- together. Thank you for your support!